BofA Securities on Tuesday upgraded the stock to ‘neutral’ and revised its target price to 1145, implying an upside of 7 per cent from Bharti Airtel’s current share price. The brokerage analysts said that they were expecting a ‘meaningful tariff hike’ in the next 12 months that is likely to benefit the telecom firm.
Bharti Airtel Share Price: Bharti Airtel shares hit a 52-week high of Rs 1069.85 each as brokerage BofA Securities upgraded the telecommunications company’s stock and raised its target price on expectations of a tariff hike.
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The stock of the company was trading up by 0.20 per cent, or Rs 2.10, at Rs 1067 at 11:41 am on Wednesday.
BofA Securities on Tuesday upgraded the stock to ‘neutral’ and revised its target price to 1145, implying an upside of 7 per cent from Bharti Airtel’s current share price.
The brokerage analysts said that they were expecting a ‘meaningful tariff hike’ in the next 12 months that is likely to benefit the telecom firm.
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“We estimate over 20 per cent tariff hike in 2024. The capex cycle pick-up is expected as Bharti’s capex is based on improving handset penetration. We expect faster market share shift towards Bharti and Jio as 5G rollout scales up. However, the stock’s valuations are not cheap at 9.4x FY25 proportionate EV/EBITDA,” the brokerage firm said about the company.
Bharti Airtel Share Performance
The stock of the company has soared by 6.89 per cent in the one month; 20.74 per cent in the six months and 34.90 per cent in the one year.
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It has outperformed the Nifty 50 benchmark, which has risen by 2.60 per cent in the one month; 11.30 per cent in the six months and 20.26 per cent in the one year.
